There are a few reasons why you may want to enhance your home. For some, it’s about improving the quality of life. For others, it’s to increase the property’s value for resale. There are also those who feel satisfied knowing that they added more value to what they currently have. Knowing which will yield the biggest return is essential, so it pays to do a bit of research before calling for siding contractors like Polk Contracting.
Return of Investment as Measure of Value
There are many ways to measure the worth of a project and one of these is to check for its return of investment or ROI. A project with high ROI will let you recoup a huge part of the money you invested in. Some projects even return more than what you originally spent. For example, landscaping projects have an expected ROI of 100 percent.
Bigger Isn’t Always Better
Home improvement projects don’t have to be super-intensive before you can get something out of them. For example, door replacement has a high ROI of around 90 percent, while a minor bathroom remodeling project has an ROI of 102 percent – a figure which is actually a lot bigger compared to the 93 percent ROI of a major bathroom remodel.
Different Rooms, Different ROIs
Major projects with the highest ROI are those focusing on “high-traffic” areas of the home. For example, basement remodeling only has an ROI of 90.1 percent (still a relatively high ROI), but a minor kitchen remodeling project has an average ROI of 98.5 percent.
The Importance of Satisfaction
Unless you’re just planning to sell off the property, there are also other factors that can affect the overall value of a project. For example, projects aimed at preventing further damage are considered high-value projects. Projects that also significantly improve the home’s livability like improved insulation or calling a window and door contractor to replace hard to open doors provide a lot of value in terms of quality of life changes in a home.
Ready to undertake a new home improvement project? We’re more than happy to help! Polk Contracting is the leading provider of home improvement services in Abingdon and Bel Air, MD. Feel free to call us at (410) 660-2922 or fill out our contact form to get a free quote.